Forward Looking Statements

This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forwardlooking statements are based on management’s beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as: anticipate, believe, intend, estimate, expect, continue, should, could, may, plan, project, predict, will, potential, forecast and similar expressions. Forwardlooking statements involve risks and uncertainties that may cause actual results to be materially different from the results predicted. Factors that could cause actual results to differ materially from those indicated in any forward-looking statement include, but are not limited to:

• state, federal and foreign legislative and regulatory initiatives that affect cost and investment recovery, have an effect on rate structure, and affect the speed at and degree to which competition enters the natural gas industries;
• outcomes of litigation and regulatory investigations, proceedings or inquiries;
• weather and other natural phenomena, including the economic, operational and other effects of hurricanes and storms;
• the timing and extent of changes in commodity prices, interest rates and foreign currency exchange rates;
• general economic conditions, which can affect the long-term demand for natural gas and related services;
• potential effects arising from terrorist attacks and any consequential or other hostilities;
• changes in environmental, safety and other laws and regulations;
• results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings and general market and economic conditions;
• increases in the cost of goods and services required to complete capital projects;
• declines in the market prices of equity and debt securities and resulting funding requirements for defined benefit pension plans;
• growth in opportunities, including the timing and success of efforts to develop U.S. and Canadian pipeline, storage, gathering, processing and other infrastructure projects and the effects of competition;
• the performance of natural gas transmission and storage, distribution, and gathering and processing facilities;\
• the extent of success in connecting natural gas supplies to gathering, processing and transmission systems and in connecting to expanding gas markets;
• the effects of accounting pronouncements issued periodically by accounting standard-setting bodies;
• conditions of the capital markets during the periods covered by the forward-looking statements; and
• the ability to successfully complete merger, acquisition or divestiture plans; regulatory or other limitations imposed as a result of a merger, acquisition or divestiture; and the success of the business following a merger, acquisition or divestiture.

In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Spectra Energy Corp has described. Spectra Energy Corp undertakes no obligation to publicly update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise.